answersLogoWhite
Law & Legal Issues
Risk Management

What is risk mitigation?


Top Answer
User Avatar
Wiki User
2013-03-28 06:42:45
2013-03-28 06:42:45

Mitigating Risks is a strategy that we would use when it is not possible to avoid a risk.

Definition: Mitigation is a strategy by which – We reduce the Probability and/or Impact of a risk to an acceptable level.

The whole idea about this Risk Mitigation strategy is to be proactive and dealing with a risk before it actually occurs. This would be much cheaper and cost effective than handling the risk once it occurs. Remember the age old saying “Prevention is better than cure”. Though we aren’t preventing or eliminating the risk altogether, we are at least preparing ourselves to handle it in the best way possible instead of just reacting once the risk event actually occurs.

Related Questions

User Avatar

Reduce the impact of risk is Mitigation Removal of risk is Remediation

User Avatar

Safety! Risk mitigation!

User Avatar

To identify the risk ,to analyze it to determine the impact and set the mitigation to prevent or minimize the impact

User Avatar

The phrase Operational Risk Management, is a continual cyclic process in which includes risk assessment, risk decision making, and the implementation of risk controls which can result in acceptance, mitigation, or avoiding risk.


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.